In 2023, law firms and FIRE industries secured a larger portion of office leasing activity in Boston compared to the previous year.

• In the Greater Boston area, office leasing activity in 2023 exhibited an increased involvement from the FIRE (Finance, Insurance & Real Estate), law firms, and energy & utilities sectors compared to 2022. 

• Conversely, the tech industry experienced an 8.2% decline in its portion of leased office space in Greater Boston from 2022 to 2023. Similarly, consulting, research, accounting, and recruiting professions observed a 5.2% reduction in their share of office leasing activity year-over-year.

• With the RTO trend gaining momentum, we anticipate a surge in total leasing activity in 2024. This is expected to be driven by key office-using industries actively seeking premier space in Boston.

Source: AVANT by Avison Young, CoStar